Equites Property Fund Cash Flow Statement

Financials in millions ZAR. Fiscal year is March - February.

Millions ZAR. Fiscal year is Mar - Feb.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Feb '26 Feb 28, 2026	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022
Net Income	1,631	943.55	1,152	-638.79	2,033
Depreciation & Amortization	16.7	7.39	11.35	2.37	3.39
Other Amortization	-	10.25	10.58	5.39	3.64
Gain (Loss) on Sale of Assets	17.7	16.63	149.83	8.23	15.94
Asset Writedown	-971.33	-164.23	-550.9	1,607	-1,168
Stock-Based Compensation	9.74	18.46	8	7.19	27.57
Change in Accounts Receivable	608.07	66.46	-118.96	-43.75	0.25
Change in Accounts Payable	-778.46	-148.34	744.79	40.81	-69.2
Change in Other Net Operating Assets	7.95	-14.68	-451.56	-114.6	-215.76
Other Operating Activities	628.33	219.16	366.35	367.82	326.31
Operating Cash Flow	1,177	968.29	1,123	1,486	799.92
Operating Cash Flow Growth	21.53%	-13.81%	-24.39%	85.76%	-4.86%
Acquisition of Real Estate Assets	-851.1	-1,643	-3,487	-2,313	-4,656
Sale of Real Estate Assets	350.61	2,000	2,933	151.17	104.67
Net Sale / Acq. of Real Estate Assets	-500.49	357.21	-553.83	-2,162	-4,551
Other Investing Activities	-	-	-	-	61.73
Investing Cash Flow	-489.04	357.21	-553.08	-2,160	-4,489
Long-Term Debt Issued	4,198	8,154	13,522	9,101	4,782
Long-Term Debt Repaid	-3,442	-7,882	-12,398	-7,222	-2,571
Net Debt Issued (Repaid)	756.22	271.32	1,125	1,880	2,211
Issuance of Common Stock	712.42	696.13	-	27.1	2,654
Repurchase of Common Stock	-132.93	-	-81.11	-73.82	-
Common Dividends Paid	-1,442	-1,269	-1,404	-1,517	-1,228
Other Financing Activities	-0.96	0.32	-0.28	-	-12.44
Foreign Exchange Rate Adjustments	-26.08	9.32	25.99	45.41	22.84
Net Cash Flow	554.4	1,034	235.56	-312.45	-42.17
Cash Interest Paid	-	821.02	642.42	310.97	99.81
Cash Income Tax Paid	-	7.86	2.38	102.71	50.03
Levered Free Cash Flow	-955.89	1,271	790.24	-937.25	225.86
Unlevered Free Cash Flow	-460.46	1,722	1,126	-794.09	238.17
Change in Working Capital	-155.84	-82.92	-23.49	126.95	-441.27

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.